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Key vocabulary for selling machinery

Understanding the term "lease"

• Lease: A formal contract between the owner of the machinery and the person or organization that wants to use it.
  • Example:
    • Salesperson: "We offer favorable options on a lease if you aren't ready to purchase outright."
    • Client: "That's perfect. We'd prefer to lease for now to help with our cash flow."
• Notice:
  • Noun: In the first sentence, "lease" is used as a noun (the contract).
  • Verb: In the second sentence, "lease" is used as a verb (the action of leasing).

Related terms to "lease"

• Lessor: The group or person lending the machine.
• Lessee: The group or person receiving and paying to use the machine.

Capacity

• Capacity: The maximum workload a machine can handle.
  • Example: "While running at capacity, it can produce 1,000 units per hour."

Service contract

• Service contract: An agreement between the buyer and seller covering maintenance and repairs.
  • Example: "Our service contracts typically last one year."

Maintenance

• Maintenance: The cleaning, repairs, and part replacements needed to keep machinery working properly.
  • Example: "Maintenance of our machines is handled by experienced experts."
  • Pronunciation tip:
    • It looks like "maintenance" has three syllables, but it’s often pronounced with just two: "maint-nance."

Depreciation

• Depreciation: The reduction in value of machinery over time due to wear and tear.
  • Example: "This product is made from durable materials, minimizing its depreciation."

Operating costs

• Operating costs: The money spent to run and maintain machinery.
  • Example: "You'll save money over time as our machines have low operating costs."

Value-related terms

1. Trade-in value: The credit received when trading in an old product for a new one.
   • Example: "This model retains its trade-in value even after years of use."
2. Market value: The current price or value of a product.
   • Example: "The market value of this product is around $500."
3. Resale value: The amount of money a machine can be sold for after being used.
   • Example: "Our machines maintain a high resale value even after several years."

Vocabulary for selling services

• Service portfolio: The collection of services a company offers.
• Managed services: Outsourcing IT services to a third party.
• Service level agreement (SLA): A formal contract outlining the terms of service.
• Service level commitment: A general promise about the service quality, often used in marketing.
• Service differentiation: What sets your service apart from competitors (your unique selling point).
• Value-added services: Additional services offered on top of standard services.